Newport Averages Highest Rent in Kentucky
The rent for an apartment in a large-scale multi-family property (50 or more units) in Kentucky, is most expensive in Newport.
That is according to new analysis from Rent Cafe which used Yardi to conduct its research of such properties.
The average rent for such an apartment in Newport is $1,137, according to the data provided, which outpaces second-place Louisville, which came in at $966.
Newport has seen a surge in such new apartment developments with Monmouth Row, Aqua on the Levee, and Vue 180. More apartments are on the way at the former site of the Fourth Street School, and rental units are also expected to be part of the Ovation development along the riverfront.
The average Newport rent in June was up $44 on average from a year ago.
Other Northern Kentucky cities analyzed include Burlington ($944, up $50 from last year), Florence ($889, up $23 from last year), Fort Mitchell ($797, up $34 from last year), and Erlanger ($734, up $36 from last year).
The River City News ran a story on data last Month when the company released details on May averages. Neither Covington nor Newport were originally included due to a lack of historical data, the company said. The company later provided some details to RCN showing that Newport had an average rent of $1,108 in May, while Covington's average rent clocked in at $997 per month.
Covington was not included in the June report while Newport was.
Photo: Monmouth Row apartments in Newport (RCN file)